Monogram Capital Partners has acquired Precision Door Tri-State, a provider of garage door and opener replacement, repair, and installation services. This acquisition is the first investment for Monogram’s third fund.
Precision Door Tri-State (PDTS) provides garage door replacement, repair, and installation services across New Jersey, New York, and Connecticut. PDTS is a franchisee of 
KKR-owned Neighborly, the world’s largest home services franchisor with more than 30 brands and over 5,500 franchise units across 6 countries.
PDTS was the first franchisee of Precision Door Service, a Florida-headquartered provider of garage door repair, maintenance, and installation services that was acquired in 2020 by Neighborly, a portfolio company of Harvest Partners. Neighborly was sold by Harvest to KKR in 2021.
PDTS, led by CEO Brandon Falone, was founded in 1999 by Doug and Dennis Bencsko and is headquartered 30 miles northwest of Newark in Pompton Plains, New Jersey.
“We are thrilled about locking arms with Monogram as our preferred partner given their track record working with closely held businesses and multi-unit platforms alongside the deep operational best practices they bring to bear,” said Mr. Falone. “Together, we will build upon the strong foundation laid by Doug and Dennis to take the company to new heights and further amplify our market leading position.”
“We could not be more excited to join PDS Tri-State on their journey,” said Jared Stein, a co-founder and partner at Monogram. “Having spent the last several years developing a thesis around the home, we knew upon meeting Doug, Dennis, and Brandon that they exemplified the type of company we love to partner with – outstanding operators who provide a mission critical service to customers with strong loyalty and incredible customer evangelism. We are excited to join the Neighborly family and look forward to working closely with the PDS Tri-State team to accelerate their growth and capitalize on the immense opportunity ahead.”
Monogram invests up to $75 million of equity in companies with revenues of $5 million to $250 million. Sectors of interest include food and beverage, beauty and personal care, pet products, manufacturing and multi-location businesses. Monogram was founded in 2014 and is headquartered in Beverly Hills, California.
Florida-headquartered Boxwood Partners was the financial advisor to PDTS. The Boxwood transaction team was led by Managing Director Brian Alas, Vice President Madison Day, Associate John Atkinson, and Analyst Drew Asadorian. The sale of PDTS is Boxwood’s eighth residential services franchisee transaction and sixth within the Neighborly system over the last year.
“Boxwood worked diligently to help us through the process and offered valuable advice and market intelligence every step of the way,” said Doug Bencsko. “We are thrilled to have found the optimal partner for the company and management in Monogram.”
Tree Line Capital Partners provided debt financing to support the buy of PDTS by Monogram.
© 2024 Private Equity Professional | July 30, 2024
